Excluding severance costs and other items, net income was 14 cents a share. Still, analysts surveyed by Thomson Reuters on average expected adjusted net income of 16 cents a share on revenue of $1.23 billion

"Results … were impacted by the weak industry-wide airfreight environment, which resulted in reduced tonnage in the quarter, particularly in the month of April,” said Chief Executive Eric W. Kirchner in a statement. He added that the impact was partially offset by rising ocean-freight volumes and higher net revenue per unit shipped.